Novanta (NASDAQ:NOVT) Stock Rating Cut to Hold at Zacks Research

Zacks Research lowered shares of Novanta (NASDAQ:NOVT) from a strong-buy rating to a hold rating in a research report report published on Tuesday,Zacks reports.

Several other analysts have also recently commented on the stock. Robert W. Baird set a $194.00 price target on shares of Novanta in a research note on Friday, August 7th. Wall Street Zen upgraded Novanta from a “hold” rating to a “buy” rating in a research report on Sunday, August 9th. Finally, Weiss Ratings reiterated a “hold (c-)” rating on shares of Novanta in a research report on Wednesday, July 15th. One equities research analyst has rated the stock with a Buy rating and two have issued a Hold rating to the stock. According to MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average target price of $194.00.

Novanta Price Performance

Shares of Novanta stock opened at $143.64 on Tuesday. Novanta has a 1-year low of $98.27 and a 1-year high of $176.38. The firm’s 50-day moving average price is $147.78 and its two-hundred day moving average price is $145.09. The company has a current ratio of 4.57, a quick ratio of 3.79 and a debt-to-equity ratio of 0.12. The stock has a market capitalization of $5.43 billion, a price-to-earnings ratio of 92.08 and a beta of 1.72.

Novanta (NASDAQ:NOVT) last released its quarterly earnings results on Wednesday, August 5th. The technology company reported $0.89 EPS for the quarter, topping analysts’ consensus estimates of $0.83 by $0.06. The business had revenue of $265.81 million for the quarter, compared to analyst estimates of $262.30 million. Novanta had a return on equity of 10.83% and a net margin of 6.00%.Novanta’s revenue for the quarter was up 10.3% on a year-over-year basis. During the same period in the prior year, the company earned $0.76 EPS. Novanta has set its FY 2026 guidance at 3.680-3.740 EPS and its Q3 2026 guidance at 0.950-1.000 EPS. On average, equities analysts predict that Novanta will post 3.7 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently made changes to their positions in the stock. State Street Corp raised its stake in shares of Novanta by 7.3% in the 2nd quarter. State Street Corp now owns 1,436,785 shares of the technology company’s stock valued at $233,005,000 after purchasing an additional 97,621 shares during the period. Allspring Global Investments Holdings LLC lifted its position in shares of Novanta by 27.0% in the first quarter. Allspring Global Investments Holdings LLC now owns 1,776,694 shares of the technology company’s stock worth $210,307,000 after purchasing an additional 377,232 shares in the last quarter. Congress Asset Management Co. boosted its holdings in Novanta by 0.6% during the third quarter. Congress Asset Management Co. now owns 979,842 shares of the technology company’s stock worth $139,324,000 after purchasing an additional 6,075 shares during the last quarter. Bamco Inc. NY bought a new position in Novanta in the second quarter valued at $137,984,000. Finally, William Blair Investment Management LLC bought a new position in Novanta in the second quarter valued at $124,254,000. Institutional investors and hedge funds own 98.35% of the company’s stock.

Novanta Company Profile

Novanta Inc (NASDAQ:NOVT) is a medical technology and advanced equipment company that develops components and subsystems used by original equipment manufacturers. Its technologies are designed for applications requiring precision motion, photonics, imaging, and other specialized capabilities, with a primary focus on healthcare and medical device markets.

The company’s offerings include precision motion control systems, motors, pumps, encoders, laser sources, optical components, and beam-delivery systems.